Alleged Fraud: “How I collected $3m cash for Emefiele” – CBN employee

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A Central Bank of Nigeria (CBN) employee, Monday Osazuwa, yesterday, told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014. Osasuwa said he joined the apex bank as a senior supervisor in 2014. The witness said Emefiele…

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Major shakeup, as CBN sacks 50 more officials

CBN Cardoso

Fifty officials have been sacked from their positions in the Central Bank of Nigeria (CBN) by Governor Olayemi Cardoso. It was learned that the termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. The latest sack adds to a long list of ongoing disengagements in the apex bank and cuts across 29 departments. According to reports, at least 117 officials have been sacked from the apex bank in the last 20 days and it is expected that the disengagement will continue for months.…

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US Dollar falls to N1,280 on black market on CBN policies

The naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market, following the recent foreign exchange (FX) policy measures of the Central Bank of Nigeria, (CBN). With the current rate, the Naira has gained 2.34 percent of its value against the dollar in less than one day, from N1,310 the closing rate for Wednesday. When compared to the level on February 20, 2024, the naira has gained 42.58 percent of its value against the dollar from the lowest of N1,825/$ on the…

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“Dump your dollars to avoid tears; Naira will appreciate” – Presidency warns FX speculators

The Presidency has warned forex speculators that the Naira will soon appreciate. President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, urged speculators to quickly dump their dollars to avoid “tears”. Onanuga was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso. In a statement issued on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims. Ali said the apex bank employed…

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CBN to recover N20tr bad loans by bank owners, insiders

Major Nigerian banks are in a state of panic, as the new Central Bank of Nigeria (CBN) governor, Olayemi Cardoso moves to wield his regulatory oversight by scrutinizing the over N20 trillion of loans taken by bank insiders, major owners and shareholders. It was learnt that Cardoso has sent out sets of special examiners who are currently digging into the books of the major banks. Close to the end of the first quarter of 2024, many banks have still not released their Full Year 2023 financials. This is because Cardoso…

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​‘Nigeria may not recover Anchor Borrowers N358bn loan’- Senate

The Senate has expressed the fear that Nigeria may not recover N358 billion about 30% of the N1.1 trillion Anchor Borrowers. The Senate said the N1.1 trillion has an impressive repayment rate of up to 70% but added that the rest of the 30 per cent amounting to N358 billion are loans given to low-income farmers which have very high risk. This came up yesterday at the Senate Ad-hoc Committee probing the N30 trillion Ways and Means loans to the federal government and Anchor Borrowers Programme. The chairman of the…

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CBN stops direct involvement in interventions

…Refocuses on core mandate The Central Bank of Nigeria, (CBN), has reinstated that it is realigning its focus towards its core mandate of ensuring monetary and price stability and, hence, has stopped its direct involvement in development finance interventions. The apex bank governor, Olayemi Cardoso,  had earlier on several occasions stressed the fact that the apex bank is poised to support relevant organisations that possess the expertise and capacity to intervene directly. Given the above, the CBN decided to donate fertilisers to Nigerian farmers through the Federal Ministry of Agriculture…

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CBN provides N100bn fertilisers to boost food production

The Central Bank of Nigeria, (CBN), has handed over N100bn worth of fertilisers to the Federal Ministry of Agriculture and Food Security to boost food production across the country. CBN Governor, Olayemi Cardoso, handed over the 2.15 million bags of fertilisers to the Minister of Agriculture and Food Security, Abubakar Kyari, yesterday, at the headquarters of the Ministry in Abuja. In his address at the handing over ceremony, Cardoso said one of the primary mandates of CBN was to maintain price stability, stressing that the cost of food was a…

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Alleged N6.2m Emefiele Loot: Top INEC, Presidency officials indicted

…Pressure mounts on Tinubu to sack Obazee A recent investigation has implicated high-ranking officials from the Independent National Electoral Commission, (INEC), and the Presidency, including former President Muhammadu Buhari’s cabinet members, in the alleged distribution of a $6.2 million windfall by former Central Bank of Nigeria (CBN) governor, Godwin Emefiele. The funds were reportedly withdrawn from the CBN vault under the guise of mobilising international observers for the 2023 general elections, with beneficiaries allegedly extending to the State House and the Office of the Secretary to the Government of the…

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‘Forex remittances quadruple to $1.3bn in February’ – CBN

The Central Bank of Nigeria (CBN) has said overseas remittances into the country rose to $1.3 billion in February 2024 compared to $300 million in the preceding month. The Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed in a press briefing in Abuja. The CBN also reported a significant rise in foreign inflows in February 2024, driven by higher remittance payments from Nigerians living abroad and a spike in the purchase of naira assets by foreign portfolio investors. She noted foreign investors purchased over $1 billion of…

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